New York
05 January 2015
Reporter: Stephanie Palmer

Broadridge acquires foreign exchange ally


Broadridge has acquired foreign exchange technology company TwoFour Systems in a bid to meet rising demand for foreign exchange and cash management technology in financial institutions.

The TwoFour technology provides front-to-back office integration and straight-through processing, and works with foreign exchange, exchange traded funds, options, interest rate derivatives and money market instruments.

In addition, a cash management solution aims to provide fast intra-day aggregation and reporting of balances and cash flows, allowing companies to view detailed data on their position in the global market.

Richard Daly, president and CEO of Broadridge, said: “This acquisition advances our strategy to deliver powerful multi-asset class solutions to our clients globally.”

He added: “It is one of the latest developments in our ongoing tuck-in acquisition strategy, which continues to bring innovative technologies to our clients and strong internal rates of return to Broadridge.”

TwoFour will be rebranded as Broadridge FX and Liquidity Solutions and will operate within Broadridge’s Global Technology and Operations division.

Broadridge will integrate the TwoFour technology in to its reconciliations processes, aiming to create a solution that supports various cash and liquidity processes.

Tom Carey, Broadridge president of global technology and operations, said: “TwoFour’s technology will enhance Broadridge’s ability to provide solutions to its clients within a critical asset class, enabling banks, payment companies and broker-dealers to expand their offerings and revenue streams. We are delighted to have these solutions, experienced management, and highly skilled people enhancing our overall solution capabilities.”

Steve Davis, former CEO of TwoFour Holdings and now general manager of the newly formed Broadridge FX and Liquidity Solutions, said: “TwoFour’s technology, market strategy and high-touch, client-centric approach directly align with Broadridge’s mission to help financial institutions mutualise costs and increase efficiencies, and we are thrilled to become part of the Broadridge family.”

“As part of Broadridge we are better-positioned than ever to enable banks, payment companies and broker-dealers around the world to use this flexible and dynamic offering to capitalise on the opportunities in the foreign exchange markets.”

The transaction was officially finalised on 30 December 2014.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Pension fund mandate for BNP Paribas
21 September 2017 | London | Reporter: Jenna Lomax
The West Sussex Pension Fund is the fifth appointment BNP Paribas has secured under the Local Government Pension Schemes (LGPS) National Framework Agreement
IHS Markit names new COO for thinkFolio
21 September 2017 | London | Reporter: Jenna Lomax
Cunningham will lead thinkFolio’s product management, services, support and managed service offering
AcadiaSoft expands user base for IM compliance
21 September 2017 | Massachusetts | Reporter: Drew Nicol
The second phase of the IM rules went live on 1 September under the regulatory framework of BCBS and IOSCO
SIX: Speedy settlement key in collateral management
21 September 2017 | London | Reporter: Stephanie Palmer
Real-time settlement is the most important consideration when choosing a new collateral management provider, according to research from SIX Securities Services
FCA takes pragmatic approach to MiFID II deadline
21 September 2017 | London | Reporter: Drew Nicol
The UK’s financial conduct authority has indicated it will accept a soft roll out of the second Markets in Financial Instruments Directive in January
Trade Informatics releases Peer Analysis tool
20 September 2017 | New York | Reporter: Jenna Lomax
The new addition will provide asset managers with tools to analyse how they compete with other money managers
BNP Paribas becomes first French OTC Clearing member
20 September 2017 | Hong Kong | Reporter: Barney Dixon
BNP Paribas has joined OTC Clearing Hong Kong, as the clearinghouse’s 17th member, and the first from France
More news